WA Perth housing and unit prices slump

Discussion in 'Where to Buy' started by cashnow, 1st Aug, 2015.

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  1. sanj

    sanj Well-Known Member Premium Member

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    A new build for $100/wk? Are you a troll or just ignorant? I cant quite work it out
     
    Last edited by a moderator: 19th Oct, 2015
  2. Rumplestiltskin

    Rumplestiltskin Well-Known Member

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    Hey Sanj, aren't you forgetting I got everything else right?

    Just look at the prices.
     
    Last edited by a moderator: 19th Oct, 2015
  3. sanj

    sanj Well-Known Member Premium Member

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    Ok then. When will this happen?
     
    Last edited by a moderator: 19th Oct, 2015
  4. See Change

    See Change Well-Known Member

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    Jess

    The high end , well located properties . What sort of returns are these selling for now . I'm generally not interested in developing .

    Cliff
     
  5. Perthguy

    Perthguy Well-Known Member

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    Heaps of people have been stung in lots of places, particularly buying OTP. Have a look at all the Sydney OTP disaster stories coming through in the media right now.

    Personally, I did very well out of Mandurah. My first home was a unit in Mandurah and I sold it a couple of years ago for a nice, tax free, profit which I put into another investment that has done very well. I don't know what the market is doing there now, so I would advise anyone thinking of buying there to be very careful. But doesn't that advice apply to all purchases?
     
  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I think this is the danger of clumping a lot of areas under Mandurah. I would consider Madora Bay etc to not be Mandurah.

    The main part of Mandurah is the most dangerous I think - too much diversity from ultra ultra old crap to million dollar sites.
     
  7. Rumplestiltskin

    Rumplestiltskin Well-Known Member

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    There's new builds down there now for just over $200 a week, heaps of them.
     
  8. Waterboy

    Waterboy Well-Known Member

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    In case you have forgotten, this year NSW (mainly Syd) has created more jobs than the rest of the nation combined.
     
  9. MTR

    MTR Well-Known Member

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    Jobs wont do it, we have APRA that is the issue.
    40% of those buying in Syd were investors, not anymore
     
  10. See Change

    See Change Well-Known Member

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    Sanj

    I think it's a case of the third choice .

    All of the above :cool:

    Remember the ignore button . It does work :p

    Cliff
     
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  11. Rumplestiltskin

    Rumplestiltskin Well-Known Member

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    See Change, kind of an apt name really. Because you're certainly going to see change in the near future.... all of it to the downside. :D
     
  12. MTR

    MTR Well-Known Member

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    Unfortunately land in old Madora Bay is not earmarked for sewer and no time soon unfortunately. Still a very nice spot:)
     
  13. MTR

    MTR Well-Known Member

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    Hi Seech
    Something like this, but not just developers, typical of what happens when greed gets in the way of common sense, or something like this.

    During boom time in Perth 2001-2006/7, Mandurah became a very hot spot, due to the very low entry level, it was a very attractive proposition for anyone who wanted to make money.

    Attracted developers, investors, FBH and people just wanting to buy holiday homes, I also recall many Eastern State investors/speculators buying big.

    This was driven by the mining boom, many with high paid jobs and these were also the days where finance was easy, ie low docs/no docs. Properties were doubling in short time frame.

    During this time if you purchased land by the time the titles were issued which took 6 months the land had doubled. That is how crazy it was, probably similar to what happened recently in Syds Western suburbs in terms of growth??

    The market has still not recovered since 2007, as has been mentioned many got burnt, never thought the boom would end. Suddenly there was too much stock on the market and no buyers, the market turned.

    Some developers lost their shirt and investors who accessed equity on the hope the market would continue to boom, others are still holding on to stock which was purchased at peak and worth less today than what they paid in 2007.

    Have no idea when it will recover, its not looking good at the moment, still too much stock and price sensitive IMO.

    MTR:)
     
    Last edited: 19th Oct, 2015
  14. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    I know - but when it does come through I'm going to be ready :)
     
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  15. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    I'm not too sure, it's not the market I keep a close eye on. That said, I would imagine units around the marina would probably be around the $5-600k mark.

    A decent beachfront house would be around $650-$750k, a really lovely one in the $8-900k's. Yields for those properties would be crap - a nice (but not spectacular) beachfront home just up from us recently rented for $450/wk. It's really come down - ours is not beachfront, and was renting for $500/wk last year. That said, come summer I imagine the returns will be higher, cos the romance gets the better of people - the beach isn't as appealing in the middle of winter.
     
  16. Rumplestiltskin

    Rumplestiltskin Well-Known Member

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    Are you saying this was caused by a poor regulatory framework, greed, and reliance on one sector? :cool:

    I thought these things didn't happen in Australia because we are not like Ireland or anywhere else and our banking systems are different and it just can't happen here? :D
     
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  17. See Change

    See Change Well-Known Member

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    Once you've bought as many as you can afford , let me know . Have you thought about diversifying into a BA . A one stop shop . :cool:

    Cliff
     
  18. MTR

    MTR Well-Known Member

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    Property Boom/bust cycles, get the timing right and you make money.



    MTR
     
    Last edited: 20th Oct, 2015
  19. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Yes, yes I have. :)

    Hope to have it organised in 12 -18 months, just in time for the start of the next upswing. I have actually inspected property here for PC-ers in an unofficial capacity before - a Sydney-sider bought a beachfront home up the road from me. Amazing views.
     
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  20. MTR

    MTR Well-Known Member

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    .

    Just checking sold properties

    http://www.realestate.com.au/property-house-wa-madora+bay-114013855

    I know this property and location our beach house is one street back.
    I can not believe the sold price $620K beachfront :eek:, did not realise the market was this bad. This would have been a million dollar+ property, 35% drop?
    Who ever secured this is going to be a very happy person, a very nice spot/location.

    MTR:)
     
    Last edited: 20th Oct, 2015